Money doesn’t grow on trees, so people often ask me, “How can I pay for graduate school?” PhD studies are a wonderful thing to pursue but paying for them can be a challenge. In the big picture, if God wants you to get your PhD, he will provide the financial resources to be able to pay for it. So, trust the Lord that if he has called you, he will provide. That’s the big-picture answer, but what about an answer with specifics? There are several ways to pay for a PhD.
First, you want to ensure that you choose a PhD program that you can afford. This will all depend on the institution. Some programs have fully funded PhDs, which means that you will receive a full scholarship. You will have to come up with living expenses. You might be able to get a part-time job to cover these. Or some programs might be part time or allow you to live abroad and commute to campus several times a year for various meetings and academic check-ups.
Second, another way to pay for your degree is to search for a scholarship. When I was pursuing my degree in the UK, some of my friends were able to get money from the Overseas Research Scholarship. Between this scholarship and doing some teaching for the university, they were able to cover their expenses, but the ORS is very competitive.
A third way is to take out an educational loan, though this option can be very risky. I have known of students who went overseas, took out six-figure loans, and still didn’t finish. They came home with no degree and a lot of debt. Be very cautious about taking out debt. Taking out large debt to be a medical doctor might be an option because when you finish, you’ll make a good salary and have the means to pay back the loan. Let’s be honest, a pastor’s or theology professor’s salary is decent but not necessarily capable of servicing huge debt. Personally, I would not take on a large loan to pay for a PhD.
A fourth way is to work and save up your money. Work for five years and save so that you can then enroll and pursue the degree. In the meantime, while you’re working, you can study your foreign languages to prepare to enroll in the program.
A fifth way is to see if your church is willing to help you pay for your degree. Some churches support their pastors in pursuing further studies. You can study part time and pastor full time. But beware, while this can be very rewarding, and you can cover your bills, it can also be a pressure cooker: you’ll be juggling ministry, family, and studies.
In the end, paying for a PhD calls for wisdom. Pray that the Lord will make the finances available for pursuing advanced theological studies.